In thinking about it, 0% chance pump fun raises the full $1B.

Business and metrics aside VC are going to ask, “what for?”.

And if their answer is a chain and an ecosystem, well, look at recent raises for new chains and ecos. Fractions of $1B for working capital.

So if it’s just a cash out, why would VCs put in $750mm to a losing trade (pump fun losing steam, L1’s and L2’s commoditized, native tokens near worthless when stablecoins become prominent unit of value) to a founder just looking to exit?